CSX Corporation (CSX)

[roger wilco]

CSX Celebrates Continued Emphasis on Environmental Stewardship

Date : 04/17/2009 @ 12:26PM
Source : PR Newswire
Stock : (CSX)
Quote : 31.38 0.43 (1.39%) @ 7:50PM

CSX Celebrates Continued Emphasis on Environmental Stewardship

Plans Week of Earth Day Activities

JACKSONVILLE, Fla., April 17 /PRNewswire-FirstCall/ -- CSX Corporation (CSX), a leader in environmental advocacy and action, will celebrate Earth Day 2009 at its headquarters and across its rail system with tree plantings, cleanups and educational events that increase environmental awareness and improve the environment.

"While CSX and its 30,000 employees respect the environment every day, Earth Day offers us an annual opportunity to acknowledge our accomplishments, learn something new and renew our commitment to continually increasing our role and responsibility as an environmental steward," said Skip Elliott, CSX vice president for public safety and environment.

CSX's Earth Day programs emphasize the environmental stewardship that is consistently practiced and recognized at CSX.

The railroad will kick off the celebration on April 18th by continuing its fifteen-year sponsorship of and participation in the 2009 Earth Day & Ecology Fair in Jacksonville, Florida, its headquarters city.

Next week, employees in Waycross, Georgia; Indianapolis, Indiana; Cincinnati and Cleveland, Ohio; Selkirk, New York; and Nashville, Tennessee will spend a day at their facilities planting trees, cleaning up nearby debris and celebrating the importance of environmental stewardship.

The railroad will also recognize other companies that demonstrate environmental leadership. On April 23, CSX will present its first annual Environmental Awards to customers who have reduced their carbon emissions, alleviated traffic on highways and conserved fossil fuels by shipping freight with CSX.

In addition to the work being done along the network, CSX will sponsor three concurrent lunchtime presentations at its headquarters on native gardening; the work of the St. Johns Riverkeeper, a private, non-profit organization sponsored in part by the railroad; and the City of Jacksonville's sustainability program.

CSX will cap its Earth Day celebrations with a City Year Service Day in Worcester, Massachusetts on April 25. CSX and City Year will help the City of Worcester kick off a tree planting campaign that will provide long-lasting enjoyment and environmental benefits to the community.

Beyond these annual Earth Day events, CSX's environmental stewardship and leadership extend across virtually all of its operations.

CSX was the first railroad to join the U.S. Environmental Protection Agency's (EPA) Climate Leaders Program, working closely with the agency to annually inventory and publicly report its greenhouse gas emissions and future emissions reduction plans. CSX was also the charter railroad member of EPA's SmartWay Transport Partnership, which promotes voluntary reductions in fuel consumption and emissions. In 2007, EPA presented CSX with its SmartWay Excellence Award, which recognizes freight carriers that have made significant contributions to protecting the environment.

Since 2000, CSX has invested more than $1 billion to purchase new Tier I and II clean air locomotives, and has upgraded another 1,200 locomotives to further reduce emissions and fuel consumption. Additionally, CSX has entered into innovative public-private partnerships to fund deployment of new GenSet locomotives that dramatically reduce emissions and meet stringent noise level requirements. These actions have helped CSX reduce carbon production by more than 80 percent since 1980.

CSX also has a comprehensive recycling program, reclaiming old equipment and rail for steel content, reusing cross ties as landscape timber, and repurposing a portion of locomotive lube oil for use as an alternative fuel source.

Media interested in covering any of the events may contact TellCSX (1-877-8...) for more information.

The calendar of events follows:

Earth Week Calendar of Events

April 18 - Earth Day Celebration Fair

Location: Jacksonville Landing Time: 10:00 a.m. - 4:30 p.m.

The City of Jacksonville, FL will be celebrating its annual Earth Day Celebration Fair at the Jacksonville Landing April 18th from 10 a.m. to 4:30 p.m. This event provides an opportunity for North Florida communities to connect with environmental learning opportunities. Businesses, environmental protection groups and other interested parties share a common theme of celebrating and appreciating Earth Day. Free entertainment is also offered throughout the day.

CSX is a corporate sponsor of this year's Earth Day event at the Landing for the fifteenth consecutive year. CSX Transportation's (CSXT) Public Safety and Environmental Department will set up and provide information and materials to the public regarding the notable environmental success the company has experienced over the last few years. The CSX information booth will be located west of the main stage.

April 21 - Waycross Earth Day Celebration Earth Day Celebration activities include: -- Clean sweep of the yard -- Recycling program kick-off -- Celebration lunch

April 21-22 - Indianapolis Earth Day Celebration Earth Day Celebration activities include: -- Clean sweep of the yard -- Recycling program kick-off -- Celebration lunch

April 22 - Cincinnati Earth Day Celebration Earth Day Celebration activities include: -- Tree planting at entrance of yard -- Clean sweep of the yard -- Recycling program kick-off -- Celebration lunch

April 22 - Cleveland Earth Day Celebration Earth Day Celebration activities include: -- Clean sweep of the yard -- Recycling program kick-off -- Celebration lunch

April 22 - Selkirk Earth Day Celebration Earth Day Celebration activities include: -- Clean sweep of the yard -- Health walk -- Tree planting -- Celebration lunch -- Wildlife, ecological and alternative energy exhibits

April 23 - Nashville Earth Day Celebration Earth Day Celebration activities include: -- Clean sweep of the yard -- Recycling program kick-off -- Celebration lunch

April 23 - CSX Environmental Awards

The CSX Environmental Awards recognize customers that demonstrate leadership in managing their supply chain in an environmentally responsible manner. These companies are reducing their carbon emissions by shipping via rail with CSX rather than on the highway. Shipping freight by rail is three times more fuel efficient than moving freight on the highway. According to the EPA, freight railroads account for just 2% of U.S. greenhouse gas emissions from transportation sources.

CSX is recognizing 19 customers who together in 2008 avoided over 1.2 million tons of carbon emissions by shipping with CSX. These 19 customers are being recognized because they either led their industry by improving their emissions efficiency in 2008 from the previous year or led their industry in using CSX to reduce their freight emissions.

Today, our nation is focused on leading the global economy back to prosperity and protecting the environment for future generations. The collaborative efforts of CSX and its customers play a key role in both efforts by reducing highway congestion, fuel consumption and greenhouse gas emissions while maintaining a system of commerce that drives economic growth and provides competitive advantages to American businesses.

April 24 - Earth Day Lunch and Learns

Native Gardener Session

Speaker: Barbara Jackson Location: CSX Headquarters, Jacksonville, Florida

A native gardener, Ms. Barbara Jackson specializes in natural plantings within the North Florida area. She will present a 45 minute learning awareness seminar on the following:

-- The importance of natural plantings in North Florida -- The environmental benefits of natural plantings -- How to plant native species

-- The care required for these plants

Ms. Jackson will have several native plants on display. Each attendee will receive a 4 inch native plant to start a natural garden at home.

St. Johns River Keeper Session

Speaker: Danielle Victoria Dolan Location: CSX Headquarters, Jacksonville, Florida

St. Johns Riverkeeper is a private, non-profit organization sponsored in part by CSX. St. Johns Riverkeeper works to improve water quality in the St. Johns River and its tributaries, protect critical habitats in the St. Johns River watershed, provide meaningful public access to our waterways, and educate our members and the public about the river and the issues that impact its health.

In a 45 minute presentation, education director Ms. Danielle Victoria Dolan will share a portion of a new video on the St. Johns River and also cover a summary of the new science curriculum about the river being offered this year in North Florida's community schools.

City of Jacksonville Sustainability Session

Speaker: Derek Igou Location: CSX Headquarters, Jacksonville, Florida

Mr. Derek Igou has been employed by the City of Jacksonville since 1988 when he was hired as an Engineering Technician with the Regulatory and Environmental Services Department (now Environmental and Compliance Department). He has held several positions with the City including Public Relations Manager, Cable Franchise Manager, Division Chief of the Public Parking Division, and Division Chief of the Property Safety Division. He now serves as the Deputy Director of the Environmental and Compliance Department.

Mr. Igou has been appointed by Mayor John Peyton as the city's Sustainability Officer and will be speaking on five elements related to Jacksonville's focus on sustainability:

-- Green Building and Energy Conservation -- Vehicle Replacement and Operation -- Materials and Waste Management -- Water Conservation

-- Sustainable Maintenance Practices (to include education)

April 25 - City Year Service Day

Location: Worcester, MA Time: 9:30 a.m. to 1:00 p.m.

In one day, you can change a city. CSX and City Year help the City of Worcester kick off the Worcester tree planting campaign.

CSX Corporation, based in Jacksonville, Fla., is a leading transportation company providing rail, intermodal and rail-to-truck transload services. The company's transportation network spans approximately 21,000 miles with service to 23 eastern states and the District of Columbia, and connects to more than 70 ocean, river and lake ports. More information about CSX Corporation and its subsidiaries is available at the Company's web site, http://www.csx.com/.

DATASOURCE: CSX Corporation

CONTACT: Robert T. Sullivan, [phone],

Web Site: http://www.csx.com/

[roger wilco]

CSX expects volume drop, more layoffs

AP

April 16, 2009

Railway operator CSX Corp. CSX-N said yesterday that it predicts double-digit declines in shipping volume to continue through the second quarter, and expects to lay off more employees as a result. The Jacksonville, Fla.-based company said sales will continue to be hurt as demand to ship goods by rail plummets. Railways face stiff competition from trucking companies that have slashed rates to remain competitive, as well as overall economic weakness. CSX Corp. reported Tuesday its first-quarter earnings dropped 30 per cent, as slowdowns in the housing, construction and automotive markets continued. CSX has already laid off about 2,300 employees in the past year, but executives said that more "rightsizing" will be needed as business slows further. At the end of March, CSX had about 30,000 employees. CSX (NYSE) added $2.20 (U.S.) to $30.59.

[roger wilco]

LOL! Good Morning! welcome peorge as our new mod!

CSX freen this morning! $31.06 +.11

[peorge]

I would be glad to help out. Let me know what you want. By the way how did you know my name??

peorge

[roger wilco]

10Q Quarterly Report:

http://ih.advfn.com/p.php?pid=nmona&cb=1239893164&article=37301453&symbol=NY^CSX

[roger wilco]

CSX QuickQuote Unveiled at TIA Convention

Date : 04/15/2009 @ 4:40PM
Source : PR Newswire
Stock : (CSX)
Quote : 30.73 0.14 (0.46%) @ 10:30AM

CSX QuickQuote Unveiled at TIA Convention

JACKSONVILLE, Fla., April 15 /PRNewswire/ -- CSX Intermodal President James Hertwig has unveiled a new internet tool that provides freight brokers with 24-hour online price quotes and transaction assistance to win door-to-door shipments available on a spot basis.

Hertwig presented the tool, called 'CSX QuickQuote,' at the 31st annual convention of the Transportation Intermediaries Association in San Antonio, Texas.

Hertwig noted that freight brokers rely on door-to-door transportation solutions, and they need to turn around bids quickly to win business in the spot market. With 'CSX QuickQuote,' users pick the lane, date and time to receive a quote in less than two seconds. The tool also allows users to reserve equipment, tender loads and track them.

"It's as easy as booking a flight on the internet," Hertwig said, adding that freight brokers can "get all the information they need, when they need it, with just the click of a mouse." They can also customize their personal settings with a "Favorite Lanes" feature that provides daily price updates via email on choice lanes.

A video available on the CSXI web site, http://www.csxi.com/, helps potential users understand the benefits of 'CSX QuickQuote.'

"From its design to its promotion, 'CSX QuickQuote' is a prime example of our determination to be the most progressive intermodal service provider in North America," Hertwig said.

CSX Corporation, based in Jacksonville, Fla., is one of the nation's leading transportation companies, providing rail, intermodal and rail-to-truck transload services. The company's transportation network spans approximately 21,000 miles, with service to 23 eastern states and the District of Columbia, and connects to more than 70 ocean, river and lake ports. More information about CSX Corporation and its subsidiaries is available at the company's web site, http://www.csx.com/.

DATASOURCE: CSX Intermodal

CONTACT: Gary Sease, Corporate Communications, [phone], for CSX

Intermodal

Web Site: http://www.csxi.com/

[roger wilco]

CSX Says Over 500 Locomotives Stored, Or 9% Of Fleet

Date : 04/15/2009 @ 9:41AM
Source : Dow Jones News
Stock : CSX Corp. (CSX)
Quote : 30.68 0.09 (0.29%) @ 10:28AM

CSX Says Over 500 Locomotives Stored, Or 9% Of Fleet

By Bob Sechler
Of DOW JONES NEWSWIRES

CSX Corp. (CSX) executives said Wednesday they see little chance for a quick end to the economic downturn, projecting a double-digit decline in the railroad's freight volume for the second quarter.

The Jacksonville, Fla., company also said it has furloughed about 2,400 employees and idled 500 locomotives - or 9% of its fleet - in response to the downturn.

In January, CSX said it had about 1,600 employees on furlough and about 400 locomotives in storage.

"We are taking swift and decisive actions to resize our resources" to match the lowered volumes, Chief Executive Michael Ward told analysts on a conference call Wednesday.

CSX reported a 30% drop in first-quarter profit late Tuesday amid a 17.4% slump in volume.

Executives said during Wednesday's conference call that volumes will continue to decline by double-digits in the second quarter, and said they expect second-quarter revenue to be down in nine of the 10 markets served by the railroad.

-By Bob Sechler; Dow Jones Newswires; 512-394-0285; [e-mail]

[roger wilco]

Good Morning Rail Fans!!!!!!!!!!
Updated the IBOX if anybody has any suggestions it would be appreciated.

I was looking at the chart for CSX it certainly seems to be on one awesome run!

[roger wilco]

Q1 2009 Earnings Conference Call
Wednesday, April 15, 2009 8:30 a.m. ET

http://investors.csx.com/phoenix.zhtml?p=irol-eventDetails&c=92932&eventID=2130033

[roger wilco]

UPDATE: CSX Executive Sanctioned For Misstated Credential
Date : 04/06/2009 @ 11:44AM
Source : Dow Jones News
Stock : CSX Corp. (CSX)
Quote : 28.59 0.0 (0.00%) @ 4:39PM




UPDATE: CSX Executive Sanctioned For Misstated Credential

(Updates with comment from Gooden in the eighth paragraph.)

By Al Lewis
Of DOW JONES NEWSWIRES


Clarence Gooden, chief commercial officer for CSX Corp. (CSX), does not have the bachelor of arts degree from the University of Georgia claimed in his corporate biography, the company confirmed Monday.

A 2006-2007 corporate profile that the Jacksonville, Fla.-based railroad company filed with the Securities and Exchange Commission claims that Gooden has a "B.A." from the school. And numerous executive profiles available on the Internet say he has an "A.B." degree.

The Florida Chamber of Commerce, for example, where Gooden serves as a director, says "Clarence is a graduate of the University of Georgia with an A.B. in Political Science."

Chairman and Chief Executive Officer Michael Ward issued a statement to employees after Dow Jones Newswires alerted CSX officials to the discrepancy.

"We recently learned that CSX has been overstating the academic credentials of Clarence Gooden in various documents over the years," Ward wrote. "Mr. Gooden's corporate biography states that he has received a college degree from the University of Georgia when, in fact, he has not. "I have told you many times that CSX's reputation matters. It is unacceptable for any employee - no matter how valued or successful they are - to provide, or fail to correct, inaccurate information. For Mr. Gooden's failure to do so, the company has imposed a substantial financial penalty on him."

Company spokesman Garrick Francis would not elaborate on what a "substantial financial penalty" would mean.

Gooden attended the school from the fall of 1970 to the fall of 1973, but there is no record of a conferred degree, said Rosemary Segreti of the University of Georgia's registrar's office.

Gooden released a statement apologizing to employees: "My failure to provide accurate information not only hurts my credibility, but also the reputation of the company that has given me extraordinary opportunities over the years. I want you to know that I take full responsibility and hope that you will accept my sincere apology."

In its corporate profile, CSX says Gooden has been with the company for more than 35 years and is "responsible for forecasting business trends and developing CSX model for future revenue growth."

Gooden made more than $4.6 million in compensation last year, down from more than $6.1 million in 2007, according to the company's most recent proxy statement.

He is the latest target of felon, turned fraud investigator Barry Minkow, who uncovered the discrepancy and alerted Dow Jones Newswires.

Minkow is renowned for the carpet-cleaning company he built in the 1980s as a teenager, ZZZZ Best Co., which he grew into a publicly traded Ponzi scheme. Minkow even booked mob money as revenue and went to prison for nearly eight years, at age 23.

Now he's the pastor of Community Bible Church in San Diego and the founder of the Fraud Discovery Institute, which sells short the stocks of companies it investigates in hopes of turning a profit.

Minkow said he has a short position in CSX stock, which traded for nearly $70 a share last year but now trades below $30 with the downturn in the stock market.

"So this means that if you pay enough money, then you are able to buy your way out of these types of things?" Minkow said. "Lying for 35 years both in the community and in SEC filings .... proves that the guy is too valuable to do what the company ought to do and that is set an example of zero tolerance."

Minkow has uncovered more than a dozen executives with misstatements in their corporate bios, many of whom have been fired.

The list includes Patrick Avery, former president and chief operating officer of Intrepid Potash Inc. (IPI) in Denver, who stepped down in February; Vahid Manian, former senior vice president of global manufacturing operations for Irvine, Calif.-based Broadcom Corp. (BRCM), in December; and former MGM Mirage (MGM) Chief Executive J. Terrence Lanni, a powerful figure in the gambling industry, in November. Often, a misstated academic credential in an official corporate bio is at odds with a company's stated code of ethics.

"You must help ensure that any business information you report is accurate, complete, and timely," reads the code of ethics at CSX.

-By Al Lewis, Dow Jones Newswires; 201-938-5266; [e-mail]

[roger wilco]

Stock Chart looking real strong!

[roger wilco]

CSX Chart

[roger wilco]

I see railroads making a big comeback

[valinv2]

Innovative Designs Supplying CSX Railroad

Mar 11, 2009 7:00:00 AM


View Additional ProfilesPITTSBURGH, PA -- (MARKET WIRE) -- 03/11/09 -- Innovative Designs, Inc. (OTCBB: IVDN) has begun supplying CSX Railroad (CSX) with its Arctic Armor(TM) product line. Orders have been placed and filled for 3 terminals: (West Springfield, Massachusetts) (Buffalo, New York) and (Toledo, Ohio).

A leader in freight rail transportation for 180 years, CSX's roots date back to the early nineteenth century. Since then, CSX has built on the foundation laid by the early pioneers who had a vision to create a railroad that safely and reliably services the ever-increasing demands of a growing nation. Their 21,000-mile network now covers 23 states and serves over two-thirds of the American population.

Joseph Riccelli, CEO, commented, "We are pleased to be supplying CSX with our lightweight apparel that will allow their employees to work more efficiently and safer in adverse weather conditions. Our short-term plans are to continue to grow our business with other CSX terminals and other railroads across North America."

The Company

Innovative Designs, Inc. manufactures the Arctic Armor(TM) Line, hunting apparel, swimwear, wind shirts, jackets, and the multi-function "All in One" under the "i.d.i.gear" label featuring INSULTEX®. INSULTEX® is the thinnest, lightest and warmest insulator in the market today. For more information, please visit http://www.idigear.com.

Disclaimer

Certain statements in this press release constitute "forward-looking" statements as defined by federal law. Such statements are based on assumptions, but there is no assurance that actual outcomes will not be materially different as those implied. Any such statements are made in reliance on the "Safe Harbor" protections provided under the Private Securities Reform Act of 1995 and are subject to various factors, including the risks and matters discussed in the Company's SEC filings available at http://www.sec.gov

Contact:
Joseph Riccelli
CEO
(P) 412-799-0350

[sumisu]

>You made a good long term investment. I totally agree with your assessment about the efficiency of rails versus the 18 wheelers.

What will make the rails the top land transportation mode will be their electrification over time. James Howard Kunstler, author, is very high on rails for future transportation of people, produce, and products.

I'm glad that you find the Peak Oil board. The iBox is loaded with a lot of information. It took a long time to prepare and it continues.

Hope that you took a look at the Peak Oil - Sustainable Living #board-9881 It might become more popular and very useful in the future.

sumisu

[boo boo]

Starter position established in CSX here on news that rail shipments are down on a weekly basis.

Rails 9 - 10 X's more efficient than 18 wheelers on a tonnage basis.

Cool Peak Oil board you have. Looks like you've put a lot of work into it. Much appreciated. Many Thanks!!

[sumisu]

>Thanks for the post; you provide empirical evidence through observation from your work that the rails are becoming more busy.

I share the opinion held by those in the Peak Oil camp that the rails will grow in importance, as the world's oil resources further deplete and truck and air deliveries become prohibitively expensive.

A few years ago, I thought I read that the railroads had developed new container cars for food stuff deliveries. Do you know if this is true?

You might want to visit my Peak Oil #board-6609

sumisu

[peorge]

I work as a signal maintainer for CSX and we see more and more traffic every day. I must say that imo this stock will do very well in the near future.



peorge

[sumisu]

Impressive Quarter for North America's Rails



http://seekingalpha.com/article/103247-impressive-quarter-for-north-america-s-rails

[sumisu]

ETFI Global Railroad PerformIdex: Stock Prices Adjust to Lower Volumes

http://seekingalpha.com/article/104957-etfi-global-railroad-performidex-stock-prices-adjust-to-lower-volumes

[sumisu]

Railroads a Refuge in Slowing Economy

Tuesday November 4, 9:37 am ET

By the tickerspy.com Staff

http://biz.yahoo.com/indie/081104/1514_id.html?.v=2

Though many corners of the transportation sector have been hit hard this year, buffeted first by high oil prices and then by the prospect of a slowing economy, the nation's railroads have been offering a bit of refuge in this tough environment.

Shipping volumes are certainly declining for discretionary goods, particularly those aimed at consumers, but railroads are the principal means of getting key commodities to markets and ports -- goods like grains from the farm belt and coal from the nations' mines. As bad as the economy may get, farmers aren't likely to stop growing food, nor are power plants likely to stop making electricity. This gives the industry a core customer base. Coal industry insiders also argue that supplies remain tight and the export market for U.S. coal is still strong.

It is true that railroads also transport finished autos and related parts to and from factories, and the U.S. auto business continues to contract, so that is a headwind, but railroad industry executives argue that other core markets are still strong and that they have pricing leverage.

Warren Buffett seems to agree. He recently added to his stake in Burlington Northern Santa Fe (NYSE: BNI - News) and also counts Union Pacific (NYSE: UNP - News) and Norfolk Southern (NYSE: NSC - News) among the holdings of his firm Berkshire Hathaway (NYSE: BRK-A - News, BRK-B - News).

Among Pro investors, Burlington Northern was the most popular railroad stock, with 73 institutions counting the stock as one of their top-15, U.S.-listed equity holdings. Burlington Northern is also the most tracked railroad stock among tickerspy members, though they also track CSX (NYSE: CSX - News), Canadian National Railway (NYSE: CNI - News), and Chinese railroad Guangshen Railway (NYSE: GSH - News).

Pro portfolio performance is based on institutions' top-15 holdings as disclosed in quarter-end filings with the SEC. Pro performance does not take into account additional holdings beyond the top 15 nor does it include positions that are not required to be disclosed by the SEC. As such, Pro portfolio performance should be considered an approximation and not a precise record of how an institution has performed over time.

Fun and informative, tickerspy.com is a free investing website where you can track multiple stock portfolios, find and share the latest news about the companies you follow, and discuss stocks with other like-minded investors. Best of all, tickerspy.com lets you spy on the portfolios of nearly 3,000 Wall Street institutions and hedge funds and see graphs of their performance. Try tickerspy.com today and find out how you stack up against investing legends like Warren Buffett!

[sumisu]

Stocks That May Benefit Under Obama

Thursday November 6, 5:57 pm ET

Paul Katzeff

http://biz.yahoo.com/ibd/081106/funds.html?.v=1

[sumisu]

Railroads on the Right Track

http://cosmos.bcst.yahoo.com/up/player/popup/?rn=289004&cl=8227980&src=finance&ch=4535474

[sumisu]

Opening Glance: Rails, shippers fall as oil jumps

Tuesday June 10, 10:14 am ET

Rails, shippers mostly fall with broader market as oil jumps more than $2 a barrel

http://biz.yahoo.com/ap/080610/rails_and_shippers_opening_glance.html?.v=1

NEW YORK (AP) -- Shares of railroads and shippers mostly fell in early trading Tuesday with the broader market, as oil prices leaped over $2 per barrel.

Here's how major players performed early Tuesday:

Union Pacific Corp., down 46 cents to $79.26.

Burlington Northern Santa Fe Corp., down $1.01 to $113.08.

CSX Corp., down $1.06 to $65.83.

United Parcel Service Inc., down 47 cents to $69.

FedEx Corp., bucking the trend, rose 30 cents to $89.43.

[sumisu]

TPG Axon hedge fund backs CSX dissidents

Mon Jun 9, 2008 4:57pm EDT

By Dane Hamilton

http://www.reuters.com/article/marketsNews/idINN0928758620080609?rpc=44&sp=true

NEW YORK, June 9 (Reuters) - TPG Axon Capital Management, a $16 billion hedge fund group and major shareholder in CSX Corp (CSX.N), has thrown its support behind a dissident proxy campaign at the rail company, a person familiar with the situation said on Monday.

TPG Axon, which is managed by former top Goldman Sachs (GS.N: Quote, Profile, Research) trader Dinakar Singh, holds 9.7 million shares, or about 2.4 percent, of CSX, according to regulatory filings. It is the eighth-largest shareholder, according to Yahoo Finance.

CSX shares gained in afternoon trading after news of TPG Axon's decision. The shares closed up $1.48, or 2.3 percent, at $66.89 on the New York Stock Exchange.

The Children's Investment Fund (TCI) and 3G Capital Partners, which together hold an 8.7 percent stake in CSX, are seeking investor support to elect a minority slate of five new directors to the CSX board, contending the company is mismanaged and underperforming.

The two firms have also said they hold swaps worth an additional 12.3 percent of CSX, bringing their "economic exposure" to the company to about $5 billion.

Singh, the former co-head of Goldman's principal strategies, or proprietary trading, unit, founded TPG Axon in 2004 in partnership with TPG, the private equity firm.

A TPG Axon spokesman declined to comment.

The months-long proxy battle launched by TCI has grown increasingly contentious. CSX sued the two dissident groups in March, accusing them of violating securities laws by failing to disclose their stock holdings earlier.

The Jacksonville, Florida-based company asked the court to block the hedge funds from running their slate and force them to sell part of their stake. The hedge funds countersued, accusing CSX of breaches of securities laws, including illegally enriching corporate directors.

CSX is slated to hold its annual meeting on June 25, 2008. (Editing by Gary Hill) (Reuters email: [e-mail]. 646 223 6161)

© Thomson Reuters 2008 All rights reserved

[sumisu]

CSX, hedge funds square off in forum

Monday June 9, 4:11 pm ET

By Samantha Bomkamp, AP Business Writer

http://biz.yahoo.com/ap/080609/csx_shareholder_battle.html?.v=1

CSX, hedge funds square off in forum as they prepare for proxy fight at June 25 annual meeting


NEW YORK (AP) -- Freight railroad operator CSX Corp. and dissident shareholders laid out their cases to a prominent advisory firm Monday, as they prepare for a proxy fight and reiterate their differing plans for the railroad's future.

In a forum mediated by RiskMetrics, CSX Chairman, President and Chief Executive Michael Ward once again urged shareholders to reject the slate of new directors proposed by two activist hedge funds -- TCI, which manages The Children's Investment Master Fund, and 3G Capital.

The funds jointly nominated a minority board slate of five directors in December. The CSX board currently has 12 seats.

Ward underlined the stock's strong performance in the first quarter and said the company's margins are currently the best among U.S. class I railroads.

Presiding Director Edward J. Kelly said the railroad has grown increasingly efficient since Ward was hired in 2003, and "began to improve well before TCI came in." He also argued that TCI's suggestions require an overly aggressive financial policy that would put the company's debt ratings at risk.

Kelly also suggested that CSX believes the hedge funds are interested in a possible leveraged buyout.

But TCI Founder Chris Hohn denied the claim, and said the executives at CSX "acted as if we are a corporate raider rather than a concerned investor."

He said the investment firm wants to see CSX make further operational improvements, and is looking to improve the board by replacing current members with little or no railroad experience.

"If we were just looking to make a quick buck, we would have left CSX a long time ago," he said.

Both parties said negotiations stalled in January when they could not agree on a proposal that would place three members of TCI's choosing and one mutually decided member on the board.

Lee Klaskow, a transportation analyst with investment firm Longbow Research, said in a telephone interview he believes the likelihood of TCI winning all of the five board seats they seek is slim. He said shareholders might elect some of the slate TCI proposes, but predicted the independent directors are more likely to be elected than the choices associated with the hedge funds -- including Hohn and 3G Managing Director Alexandre Behring.

The other three TCI nominees are Gilbert Lamphere, managing director of private investment firm Lamphere Capital Management and a former director at Canadian National Railway Co.; Timothy O'Toole, managing director of the London Underground, and Gary Wilson, a former chairman at Northwest Airlines Corp.

Overall, Klaskow said he believes institutional investors are happy with the performance of CSX's management team, and "have been a lot happier over the last 12 months" as the stock has jumped about 45 percent and operations have improved.

"You have to give management credit for the railroad's performance over that period," he said. "But it would naive to say that (the hedge funds) didn't have an effect ... they contributed."

Klaskow said if TCI fails to convince shareholders to elect any of their hand-picked directors, the stock might slip in the short term as other investors pull back.

The analyst said he would recommend the Neutral-rated stock to investors if shares become less expensive.

And while the hedge fund's effect on CSX's performance is still unclear, Klaskow noted there might be positives if some new board members are voted in.

"It wouldn't be the worst thing -- new ideas are always good," Klaskow said. "There is something to be said for new blood."

Shareholders will elect board members at CSX's annual meeting on June 25 in New Orleans.

CSX shares gained $1.48, or 2.3 percent, to close Monday's trading at $66.89.

[peorge]

CSX Reports Strong Double Digit Earnings Growth in Fourth Quarter
Full-year Revenues Break $10 Billion Mark and Operating Income Exceeds $2.2 Billion
Fourth Quarter and Full Year Surface Transportation Highlights:
- Record revenue and operating income
- Operating ratio improves on revenue growth and productivity
- Best-ever safety and customer service performance
JACKSONVILLE, Fla., Jan. 22 /PRNewswire-FirstCall/ -- CSX Corporation (NYSE: CSX) today reported fourth quarter 2007 net earnings of $365 million, or 86 cents per share, including a penny per share from insurance gains. In the fourth quarter of last year, the company reported earnings of $347 million, or 75 cents per share, including 18 cents per share from insurance gains, a gain on Conrail property and the resolution of certain tax matters. On a reported basis, earnings per share increased 15% percent on a year-over- year basis.

'Once again, CSX delivered outstanding financial gains for our shareholders through strong improvements in safety, service and productivity,' said Michael Ward, chairman, president and CEO. 'These improvements reflect the value we are delivering for our customers, the continued momentum in our business and the strong fundamentals of our industry in an evolving transportation marketplace.'

The company's Surface Transportation businesses produced record fourth quarter operating income of $609 million versus $505 million in the same quarter last year. These results included insurance gains of $8 million and $27 million, respectively. On a comparable basis, excluding the insurance gains, operating income rose 26 percent on a year-over-year basis. (See table below for reconciliation of quarter items to reported numbers.)

The significant increase in operating income resulted from strong revenue growth and productivity improvements that allowed CSX to overcome the impact of higher fuel prices. In addition, the sustained improvements in the company's safety record resulted in a favorable personal injury reserve adjustment for the quarter.

Full-Year Revenues Break $10 Billion Mark; Operating Ratio Best in a Decade

CSX reported full-year 2007 earnings per share of $2.99, including 29 cents per share from discontinued operations and insurance gains. In 2006, the company reported full-year earnings per share of $2.82, including 60 cents from insurance gains, a gain on Conrail property and the resolution of certain tax matters. On a comparable basis, excluding these items, earnings per share increased 22 percent on a year-over-year basis. (See table below for reconciliation of full-year items to reported numbers.)

Earnings growth in 2007 was supported by Surface Transportation revenues that exceeded $10 billion for the first time in the company's history, and record Surface Transportation operating income of more than $2.2 billion. The company's operating ratio for the full year improved to its best level in a decade.

'By nearly every measure of safety, customer service and financial performance, CSX is the fastest-improving company in an attractive rail industry. In fact, we now rank among the industry's best companies in safety and service,' said Ward. 'Our performance has generated significant shareholder value and has led to the highest share price gain of any major North American railroad in the past three years.'

With momentum in the company's performance, a strong outlook for rail transportation, and the benefits of key investments in its network, management today reaffirmed its long-term financial targets, which include double-digit growth in operating income and earnings per share, as well as a mid- to low 70's operating ratio and free cash flow before dividends of $800 million to $1 billion by 2010.

'Our employees are continually raising the bar and creating shareholder value in both the short-term and long-term while meeting the nation's pressing transportation needs in ways that are good for the environment and the economy,' said Ward.



GAAP RECONCILIATION(1)
(Dollars in millions, except per share amounts)

Fourth Quarter Full Year
2007 2006 2007 2006

Earnings Per Share $0.86 $0.75 $2.99 $2.82
Less Gain on Insurance Recoveries (0.01) (0.04) (0.04) (0.22)
Less Gain on Conrail Property
After-tax - (0.06) - (0.06)
Less Income Tax Benefits - (0.08) - (0.32)
Less Discontinued Operations - - (0.25) -

Comparable Earnings Per Share $0.85 $0.57 $2.70 $2.22

Surface Transportation Operating
Income $609 $505 $2,251 $2,126
Less Gains from Insurance Recoveries (8) (27) (27) (168)

Comparable ST Operating Income $601 $478 $2,224 $1,958


CSX Corporation, based in Jacksonville, Fla., is a leading transportation company providing rail, intermodal and rail-to-truck transload services. The company's transportation network spans approximately 21,000 miles with service to 23 eastern states and the District of Columbia, and connects to more than 70 ocean, river and lake ports.

This earnings announcement, as well as a package of detailed financial information, is contained in the CSX Quarterly Financial Report available on the company's Web site at www.csx.com in the Investors section and on Form 8-K with the Securities and Exchange Commission ('SEC').

CSX executives will conduct a quarterly earnings conference call with the investment community on January 22, 2008 at 8:30 a.m. ET. Investors, media and the public may listen to the conference call by dialing 888-327-6279 (888- EARN-CSX) and asking for the CSX earnings call. (Callers outside the U.S., dial 773-756-0199). Participants should dial in 10 minutes prior to the call.

A webcast of the live conference call will be available at www.csx.com in the Investors section. Following the earnings call, an internet replay of the presentation will be available. In addition, the replay will be available for download to a portable audio player or computer as an MP3 - or podcast - file. Both the replay and MP3 file can be found at www.csx.com in the Investors section and will be archived on the site for at least 30 days following the call for those unable to listen in real time.

GAAP Reconciliation(1)

CSX reports its financial results in accordance with generally accepted accounting principles ('GAAP'). However, management believes that certain non- GAAP financial measures used to manage the company's business that fall within the meaning of Regulation G (Disclosure of Non-GAAP Financial Measures) by the SEC may provide users of the financial information with additional meaningful comparisons to prior reported results.

In press releases and presentation slides for stock analysts, CSX has provided Surface Transportation operating income and earnings per share adjusted for certain items, which are non-GAAP financial measures. The company's management evaluates its business and makes certain operating decisions (e.g., budgeting, forecasting, employee compensation, asset management and resource allocation) using these adjusted numbers.

Likewise, this information facilitates comparisons to financial results that are directly associated with ongoing business operations as well as provides comparable historical information. Lastly, earnings forecasts prepared by stock analysts and other third parties generally exclude the effects of items that are difficult to predict or measure in advance and are not directly related to CSX's ongoing operations. A reconciliation between GAAP and the non-GAAP measure is provided above. These non-GAAP measures should not be considered a substitute for GAAP measures.

Forward-looking statements

This press release and other statements by the company contain forward- looking statements within the meaning of the Private Securities Litigation Reform Act with respect to, among other items: projections and estimates of earnings, revenues, cost-savings, expenses, or other financial items; statements of management's plans, strategies and objectives for future operation, and management's expectations as to future performance and operations and the time by which objectives will be achieved; statements concerning proposed new products and services; and statements regarding future economic, industry or market conditions or performance. Forward-looking statements are typically identified by words or phrases such as 'believe,' 'expect,' 'anticipate,' 'project,' 'estimate' and similar expressions. Forward-looking statements speak only as of the date they are made, and the company undertakes no obligation to update or revise any forward-looking statement. If the company does update any forward-looking statement, no inference should be drawn that the company will make additional updates with respect to that statement or any other forward-looking statements.

Forward-looking statements are subject to a number of risks and uncertainties, and actual performance or results could differ materially from that anticipated by these forward-looking statements. Factors that may cause actual results to differ materially from those contemplated by these forward- looking statements include, among others: (i) the company's success in implementing its financial and operational initiatives; (ii) changes in domestic or international economic or business conditions, including those affecting the rail industry (such as the impact of industry competition, conditions, performance and consolidation); (iii) legislative or regulatory changes; (iv) the inherent business risks associated with safety and security; and (v) the outcome of claims and litigation involving or affecting the company.

Other important assumptions and factors that could cause actual results to differ materially from those in the forward-looking statements are specified in the company's SEC reports, accessible on the SEC's website at www.sec.gov and the company's website at www.csx.com.

Proxy Information

CSX plans to file with the SEC and furnish to its shareholders a Proxy Statement in connection with its 2008 Annual Meeting, and advises its security holders to read the Proxy Statement relating to the 2008 Annual Meeting when it becomes available, because it will contain important information. Security holders may obtain a free copy of the Proxy Statement and other documents (when available) that CSX files with the SEC at the SEC's website at www.sec.gov. The Proxy Statement and these other documents may also be obtained for free from CSX by directing a request to CSX Corporation, Attn: Investor Relations, David Baggs, 500 Water Street C110, Jacksonville, FL 32202.

CSX, its directors and named executive officers may be deemed to be participants in the solicitation of CSX's security holders in connection with its 2008 Annual Meeting. Security holders may obtain information regarding the names, affiliations and interests of such individuals in CSX's Annual Report on Form 10-K for the year ended December 29, 2006 and its proxy statement dated March 30, 2007, each of which is on file with the SEC. To the extent holdings of CSX securities have changed since the amounts printed in the proxy statement, dated March 30, 2007, such changes have been or will be reflected on Statements of Change in Ownership on Form 4 or Form 5 filed with the SEC.

SOURCE CSX Corporation



Source: PR Newswire (January 22, 2008 - 6:01 AM EST)

[peorge]

i just started working for csx and i feel they have huge potential.

peorge

[stockhound101]

Great stock to own.